- Recent price analysis suggests that the AXS market’s bears have lost their grip on the market.
- If AXS bulls lift prices over the $6.48 resistance level, prices may continue to rise.
- Will bulls be able to breach the level of resistance, sending AXS prices soaring?
After establishing support at $5.95, a 24-hour low, Axie Infinity (AXS) prices have resumed their upward trend. Optimism persisted in the AXS market, as bulls were able to effectively drive prices up to $6.29, an increase of 5.13%.
Both market capitalization and 24-hour trading volume surged by 5.13% to $630,010,436 and 82.99% to $57,764,719, respectively, implying that market volatility is escalating.
When the Aroon-Up crosses over the Aroon-Down, it denotes the start of a new uptrend. On the AXS price chart, the Aroon up (orange) with a value of 85.71% crosses above the Aroon down (blue) with a value of 7.14%, indicating that the current bull run may continue.
As the Fisher Transform crosses over the signal line with a value of 1.37, indicating a bullish crossing, the market’s bullish dominance is expected to continue.
The migration of the MACD blue line into the negative zone, with a value of -0.02, warns investors of a possible reversal. However, the fact that it is rising higher and moving out of the negative territory, as well as crossing over the signal line, casts doubt on this bleak outlook.
The Bollinger Bands are widening, indicating more market volatility, which lends credence to the idea that the current trend will continue. This is shown by the top and lower bands’ contact at $6.32 and $5.80, respectively. The market’s upward trajectory above the bands is also reflective of the durability of the current bull run.
Bull Bear Power’s (BBP) movement into positive territory at 0.37 suggests buyers will maintain control of the AXS market for the foreseeable future. Having the bulls in charge might lead to a breach of the $6.48 resistance and the subsequent establishment of a new high in the near future.
For the Axie Infinity trading form to continue to rise, bulls must sustain prices above the resistance level.
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